Publicity and business promotion expenditure
Publicity and business promotion are two aspects in any kind of business which are outside the bounds of the AO…
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Today's
Unwarranted additions- Need for Provision to Annex Computation of Income and Supporting Notes with ITR and Tax Audit Report ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Non reporting of TDS may invite reopening of assessment
The AO in (2021) 439ITR719 ( Vedanta case) reopened a completed assessment for the sole reason that there is nothing…
......Read MoreWaiver of interest for advance tax payment defaults
Often applications for waivers , revisions, S.197 applications etc are rejected by the Commissioner / CC / PrCIT by citing…
......Read MoreBad debts vs provision for bad and doubtful debts
Income tax law has Explanation 1 to section 36 (1) (vii) by which any bad debt or part thereof written…
......Read MoreAdvances/loans write offs
Reading out conditions in grant of deduction for bad debts the Bombay High court in (2021) 439ITR 399 found that…
......Read MoreEducation cess deduction
The Delhi bench in (2021] 92 ITR (Trib) 434 following decisions of the coordinate benches in different regions like delhi…
......Read MoreRule for estimated addition
Income tax assessment is a highly subjective process yet very technical. A small error on either side can go adverse…
......Read MoreScenario of Leasing of commercial/business assets
Lease rentals received by the BIFR hooked taxpayer for leasing total business assets/ manufacturing plant under a rehabilitation scheme are…
......Read MoreSikhs/Hindus are old age expressions of charity
To derive 80G income tax exemption it is necessary that the donee institution is firstly established in India, only for…
......Read MoreRevenue at huge loss to the exchequer for failing to follow restriction under proviso to section 147 while issuing notice u/s148.
Section 147 provide an opportunity to revenue to reopen an assessment even after a gap of 4 years subject to…
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